Multiple Choice
Mike consumes two commodities, x and y, and his utility function is min{x + 2y, y + 2x}. He chooses to buy 8 units of good x and 16 units of good y. The price of good y is $.50. What is his income?
A) $32
B) $40
C) $24
D) $16
E) Mike's income cannot be found unless the price of x is given too.
Correct Answer:
Verified
Correct Answer:
Verified
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